No fewer than four commercial banks yesterday disbursed the first batch of diaspora inflow-related foreign exchange (forex) to over 350 bureaux de change (BDCs), as directed by the Central Bank of Nigeria (CBN). United Bank for Africa (UBA) Plc, First Bank, Fidelity Bank Plc and Ecobank Nigeria Limited, sold the regulatory $30,000 weekly to each […]
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The naira closed at 312 against the dollar on Tuesday in a single interbank market trade of $100,000, Thomson Reuters data showed. The local currency was offered at 313 to the dollar and a total of $3.11m had been traded by 1230 GMT. The local currency closed at 312.50 against the dollar, the FMDQITC website […]
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The African Development Bank (AfDB) has approved a $9million equity investment in the Fund for Agricultural Finance in Nigeria (FAFIN) to provide expansion capital to agric small and medium-sized enterprises (SMEs), according to a statement issued by continental lender yesterday. The statement said FAFIN is a first-generation private equity fund that provides financial, capacity-building and […]
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The Federal Government may investigate the N1 billion power equipment which was abandoned at bonded terminals in Lagos, correspondent has learnt. Their abandonment is believed to have stalled the power projects in some states. According to report, a senior official of the Federal Ministry of Transportation said over 200 containers laden with the equipment belonging to the defunct Power […]
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The total assets under the Contributory Pension Scheme rose from N5.3tn in December last year to N5.729tn at the end of June. The funds, which stood at N4.6tn in December 2014, include the total amount contributed by the subscribers, the investments and profits generated. Figures obtained from the National Pension Commission on Friday showed that […]
Read More The naira plunged to 400 against the dollar at the parallel market on Thursday as shortage of foreign exchange continued to have negative effects on economic activities in the country. The local currency had closed at 390 against the greenback on Wednesday. After closing at around 378 against the dollar for most part of last week, […]
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The Nigeria Naira continued its slide on Wednesday, dropping to 390 against the USD at the parallel market as foreign exchange scarcity persisted. Naira, which dropped to 382 against the United States dollar on Monday down from the 380 on Friday, had been little-changed on Tuesday, hovering between 381 and 382. A bureau de change operator […]
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The nation’s external reserves fell marginally to $26.20bn on July 28, down from $26.32 on July 22, data from the Central Bank of Nigeria’s website showed on Monday. Month-on-month, the reserves fell by 0.4 per cent from the $26.34bn recorded on June 29, the report indicated. The foreign exchange reserves stood at $26.42bn on May […]
Read More The Minister of Finance, Mrs. Kemi Adeosun, will on Wednesday meet the World Bank to finalise Nigeria’s “policy support document” needed to complete its application for funds to help plug the $11bn budget deficit. “What was delaying (budget support loans) was a lack of flexibility in the exchange rate which we now have that,” the […]
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The Port Harcourt Electricity Distribution Company has said it loses over seven million kilowatt-hour, an equivalent of over N238bn, to direct electricity theft a month. In a report by Punchng, the Head, Revenue Protection Department, PHED, Mr. Nsika Udi, said on Friday during Consumers’ Forum that the direct tapping of energy, besides meter bypass, illegal […]
Read More Flour Mills of Nigeria Plc on Friday announced a profit of N14.42 billion for the financial year ended March 31, 2016. This was in contrast with N8.47 billion recorded in 2015. The report is contained in the company’s audited result released by the Nigerian Stock Exchange (NSE) in Lagos. The profit represented a growth of N5.95 […]
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Group Managing Director, Nigerian National Petroleum Corporation, Dr. Maikanti Baru, on Thursday declared that the 2016 national budget was grossly impacted by the vandalism of crude oil pipelines in the Niger Delta region, resulting in a loss of N51.3bn, report by Punchng. Baru also appealed to the military to help secure critical oil and gas […]
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